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Search Results 0 to 12 of about 13 (some duplicates have been removed)
Jan 12, 2013 10:00am PST
. the treasury the empowered to borrow money to support that but that's the debt ceiling. they are em bowered to borrow the money and write the checks to pay the bills already incurred by your democratically elected congress. today the debt creeling is $16.3 trillion, which is less than our testify sit. the u.s. breached the debt ceiling on december 31st, but the treasury can use what it calls extraordinary measures to raise an extra $200 billion. those extra funds will only last until about middpeb -february o early march. good luck trying to explain this to conservative talk radio show host rush limbaugh. >> that's right, rush. the debt ceiling was created so that congress wouldn't need to constantly authorize the treasury to borrow more money. raising the debt ceiling doesn't authorize any new spending. it authorizes payment. it does not increase deficits. it just allows the treasury to pay for the things that the u.s. government has already bought. if congress doesn't raise the debt ceiling, treasury won't be able to pay the bills and the u.s. government will start defaulting on some of i
Jan 12, 2013 7:00am PST
administration says that the only solution for the problem is for congress to raise that debt ceiling. >>> some bloggers are online and they believe they have the answer to the nation's debt ceiling crisis that the treasury should simply mean a $1 trillion platinum coin. keep it in reserve, then use the money to pay bills. others say it is not realistic as far as being approached to the solution. you may have seen her and her sister marianne around becoming local staples after moving to the bay area from michigan more than four decades ago. they are unmistakable. that's after they fell ill in july. vivian brown would have turned 86 later this month. >>> and brushing your pet's teeth may seem like a difficult task. up next why it is important, much more important than what you think. >>> a surprise for the fast food drivers. no driver to be found. we'll be right back. >>> we've got a forecast that will bring a chill to your heart and to have everything else quite frankly with a freeze warning that will be posted to the bay area. it will be cold this
Jan 12, 2013 9:00am PST
to the end of february debt ceiling where treasury department no longer can move moneys around not to break it, as that happens not just that the stock market goes down, but last time it was s & p that downgraded our rating. you will see all credit agencies doing that. then that slow but inex orable slide of america's economy begins. because it's not just that people overseas and here at home won't invest in treasury bonds. but you'll have money markets that are actually chartered not to invest in any but the highest rating securities, which means they may have to also back out of treasury bonds. fannie and freddie mai and municipal wall bonds are backed by our government. there is no leverage so to speak of one party trying to win over the other. all that matters now is get an additional $3 trillion of debt reduction and don't go past by breaking up that debt ceiling. i work with phil gingry in congress. i really liked him. he actually worked with me on helping veterans try to get more physical therapists and also occupational therapists. this is one where any word in front of the word "ra
Jan 12, 2013 12:00pm PST
and if the president if they want to can certainly direct the treasury to ignore the debt ceiling and then basically say go ahead and sue me and see if anybody does and go to the core process and i don't think that's something the president wants to do that he doesn't want to evoke this 14th amendment and that's the shorthand used for it and i think what's fascinating here and you have members of congress, ceding their institutional authority given that congress is more popular these days and i think there's probably some sort of middle ground that can be found with mitch mcconnell and it's been a big fan of this idea and it gives the president the authority to raise the debt limit with the disapproval and my guess is that that's the back-up plan whenever anyone backs themselves into the corner. >> president obama refuses to negotiate with the speaker about the debt ceiling and what happens? what happens? what are the consequences, anding up, and the fiscal cliff. >> the president will not negotiate over the debt limit as such. i do think there's room for negotiation in that statement and the presid
Jan 11, 2013 5:00pm PST
platinum if republicans hold america hostage with the debt ceiling. the president can legally call on the treasury department to mint a trillion dollar platinum coin to pay off the country's debts. the coin must be platinum. kit be any size, and it can be assigned a trillion denomination. this is kind of a crazy option, but then again republicans holding america hostage over the debt court of appealing is even crazier. some economists think the platinum coin could send the economy into a tailspin, but others think it's a great idea. pulitzer prize winning economist paul krugman said president obama should absolutely mint the coin if republicans try to force america into default. klugman also said that john boehner's face should bonn the coin because without him, the coin wouldn't be needed. meanwhile, republicans have been lying to americans on the debt ceiling for weeks, and now the fox news misinformation machine in high gear, hitting the platinum coin issue. neil cavuto put up this misleading graphic during his show on thursday. it claimed the coin would weigh 17,000 tons, about
Jan 12, 2013 1:00pm PST
, it was mentioned as a way to dodge the debt ceiling fight. there are two options, congress can pay its bills or it can fail to act and put the nation into default. so we are back with our brain trust, we have heather, and rob, and robert costas on that big news that the trillion dollar coin will not be made, hearts at louis vuitton are crushed. so, they do not have to worry about that. so let's get to the one big last question. heather, i will start with you, the big battle in washington the debt ceiling. who will win? >> the democrats are -- and the president are going to have to win this. because too much is at stake. i mean, if we look at what actually is driving the nation's debt. we have two war thars that were on a credit card. we've a medicare part-d that was a huge give away to the pharmaceutical companies. and the bush tax cuts. those are the biggest drivers of the nation's debt and now republicans are saying we spent the money and the commitments but we do not want to pay the bill because we want to try to shut down the government and enforce more spending cuts that will directly p
Jan 12, 2013 3:45pm EST
to explain what would happen if when august 2nd came and went and the debt ceiling was not raised and givers through a powerpoint presentation of, you know, when certain social security checks would not go through. how immediately all federal prisons close, and at such and such a point veterans benefits would be cut off, and it was very, you know, compelling evidence this would be calamitous, and, yet, there were some republicans who set up, house republicans that during the end of the presentation said it's outrageous that you're talking about this rather than wash's wreckless spending hots. thatst that's what you should be talking about. another guy says rove talk to us in morning and wrote an article saying this is obama's problem. you seem like a nice guy, but i like rove's view belter than yours. unwilling, really, to listen to this, and the aforementioned republican asked a freshmannings you know, i have constituents not to raise the debt ceiling. explain what this is about. i don't want to lose my temper to them, rather you. the guy said, you know, well, the thing is we've been wreckl
Jan 12, 2013 4:00am PST
back by only two months after the last fiscal chief fig cliff fight. that expires in march. the debt ceiling fight, that has to be raised by sometime mid-february, and we have this very consequential fight coming up that nobody seems to know an exact date at this point. awaiting further instruction from treasury secretary tim geithner on his way out. maybe he will give us a date. as we know, washington doesn't do anything without a firm deadline. and even sometimes when we have a firm deadline, we don't see any action. we have the spending bills about to expire that have to be renewed to keep washington running. >> okay. lots to look ahead to, amie and rachel, thank you so much. >> thank you. >> thank you so much. >>> do you think video game violence contributes to violent acts? talk to me on twitter. i'll get to tweets and facebook notices throughout the day. >>> more front page politics, the mayor of newark, new jersey, is explaining how he has evolved to his support of the lgbt community. an op-ed has been republished. he describes the process in a new interview, including how he
Jan 11, 2013 10:30pm EST
and early march, the treasury says that they will be running out of options to avoid reaching the debt ceiling. if congress does nothing to increase the debt ceiling by then, we could be looking at a government default. even if it is not a default on our debt and the treasury says they will prioritize interest on payments, we're still looking at at a default under government obligation. that means the treasury and the government would have the ability to go out and spend money and the treasure would not have the checks to pay. that could include dod civilian, uniform civilians, contractors. they would expect a check and it would not show up. that would be true for the non- defense parts of the budget as well. doctors expecting a reimbursement. that is if we go into a default situation. that is a major threat to our economy. i argue that it is a threat to our national defense. every major war the united states has fought has been financed in part through borrowing. by going into a default and not being able to pay our obligations for the first time in history, we will put at risk the fu
Jan 11, 2013 7:00pm EST
a bunch of democrats saying we don't want any spending cuts, entitlement cuts, nothing. just pass the debt ceiling. no spending. >> do whatever it takes. apparently the hurdle is some legality. not whether it's a good idea, not whether it calls into question the independence of the central bank, the independence of whether the treasury will now have the new power to print money whatever it has. as long as it's legal. let me tell you. of all these options, the magic coin option, the 14th amendment may be the worst option. it will be challenged in court. the court moves forward. you end up with two classes of u.s. debt, one which people have a lot of confidence in, then this different class of debt which was created under this who knows what new legal authority that they found. >> this is the point. let me go right. the i.o.u. this is interesting. edward klinebard, former chief of staff at the congressional joint committee on taxation is now teaching law at the university of southern california. now, he says that congress has constitutional authority to raise the debt and only the congress.
FOX News
Jan 12, 2013 1:00pm PST
. the idea has gained momentum mostly among democrats with republicans threatening another debt ceiling showdown on spending cuts. u.s. expected to reach the debt limit next month. some economists, you start printing money like that you will devalue the existing currency and in the long run create enormous inflation. that apparently option being ruled out by the department of treasury. >> jamie: consumer financial protection bureau is unveiling new mortgage rules and no one is happy about them. banking industry and consumer groups feel they are getting shortchanged. biggest critics people now to be cautious and careful about their investment decisions. joining us with more kyle harrington, good to see you. i was surprised about reading this. everybody remembers the mortgage mess. apparently under these new rules it sounds like it will be easier for people to get mortgages. that sounds like a good thing. is it? >> it's better i'm interested in people being able to attain mortgages. i'm also interested in paying attention to the details in a bill here that is over 800 pages. so i think mo
Search Results 0 to 12 of about 13 (some duplicates have been removed)